I thought it might be a good idea to have a thread on Exit Strategies…we all need to be thinking about how to handle the crazy gainz yo. I know it is something that can be technical and we all reside in different areas with different tax implications, depending on what we do. Some knowledge sharing/best practices could be very helpful. I know I don’t have a strategy yet, but I’ve been giving it quite a bit of thought and when I do think about it, I think “I wonder what the pub is doing”…I really think I could benefit from some experienced crypto friends as I plan ahead and hope others feel the same.
I should clarify: The exit strategy is not to leave the crypto space, it is to take gains and diversify and accomplish some of what I listed below. You may have similar goals or things to add to what I have listed.
Some things I’d like to do and need to build my strategy to implement:
- Pay off any outstanding debt
- Invest in other ICOs
- Diversify/balance portfolio
- Take maximum advantage of any tax strategies available
- Set aside some gainz for vacation, family, fun etc.
How about you all?